Sector News

International Flavors to acquire Fragrance Resources

November 7, 2016
Food & Drink

New York-based International Flavors & Fragrances Inc. recently announced that it has agreed to acquire the privately-held fragrance company, Fragrance Resources. Financial terms of the deal were not disclosed.

As revealed, Fragrance Resources is recognized for its product line of specialty fine fragrances. The company serves its customers through its facilities in Germany, North America, France, and China.

International Flavors & Fragrances intends to fund the transaction through its existing resources. Completion of the transaction, anticipated in Jan 2017, is subject to fulfilment of customary closing conditions and regulatory approvals.

With the addition of Fragrance Resources, International Flavors & Fragrances expects to boost its fragrances businesses among faster-growing regional customers. The acquired assets are anticipated to generate incremental revenues of $75 million in 2017 as well as modestly boost earnings in the year.

We believe such acquisitions are consistent with International Flavors & Fragrances’ expansionary policy and its Vision 2020 business strategy. The company prefers to invest in acquisitions as a means to gain access to new customers, regions and technologies. A diverse portfolio and product mix, along with new business wins, should help it deliver solid results in the quarters ahead.

Source: Zacks

comments closed

Related News

October 2, 2022

Drinktec 2022: In review

Food & Drink

In the lead-up to the world-famous Oktoberfest – which celebrates Bavarian tradition, beer and the festival spirit – Munich was already buzzing with activity by the time the doors opened to Drinktec 2022 on 12-16 September. The atmosphere was lively, with approximately 50,000 visitors from 169 countries in attendance.

October 2, 2022

Alan Jope to step down as Unilever CEO

Food & Drink

Unilever has announced CEO Alan Jope’s decision to retire from the company at the end of 2023, after five years at the helm. The announcement comes less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.

October 2, 2022

Lakeland Dairies names Colin Kelly as next group CEO

Food & Drink

Lakeland Dairies has announced that Colin Kelly will assume the role of group CEO following the retirement of Michael Hanley at the end of the year. Kelly will take up the position in January 2023, while Hanley will step down in December this year.